Andrew Sandiford, Managing Partner of Bishop Fleming has revealed his confidence in future growth, based on solid financial performance.
The firm, which is one year into its five-year Better Growth business strategy designed to double the size of its business and transform its operations, has delivered another year of double-digit organic growth, taking revenue to over £43m in the year ending 31 May 2024.
Andrew Sandiford said:
“Our Better Growth strategy is ambitious and stretching. But our current performance shows not only that we are on track, but we are going from strength to strength, and we are well positioned to achieve further growth. And it is not just our bottom-line, but sustainable growth that will develop all facets of our business including our people, clients, services, markets, modern working environment and enabling functions.”
The firm is currently partway through a huge transformational project that signals a significant leap forward in its commitment to improving client service and employee experience. At the heart of this project is an investment in a market-leading ERP platform, which it strongly believes will position Bishop Fleming on par with the very best firms in the sector and will be unrivalled among its peer group.
Andrew added:
“We are committed to re-investing back into the business, and whilst we mustn’t be complacent, our current performance is enabling that investment to create a virtuous cycle of continuous improvement.”
An area of the business that has played a significant part in the firm’s recent success is the growth of its Audit service line and its focus on the corporate mid-market. This drive has resulted in the firm servicing more owner-managed businesses in the South West Business Insider OMB100 rankings than any other advisory firm, including 20% of the top 50 businesses in the South West and nearly half of the OMB100 in Bristol.
Head of Audit, Joe Scaife commented:
“I’m delighted that we’ve delivered some incredible growth in Audit. Our fees have risen from £12m to over £20m in the last two years alone, with current rolling twelve-month growth of over 25%. But we’re also attracting some of the very best businesses, organisations and brands that our region has to offer.”
Aligned to the growth of the firm will be a commitment to further increase its headcount, attracting talent from apprentices all the way up to lateral partner hires.
In September, the firm will see another cohort of apprentices join, taking the number of new apprentices in 2024 to 75 – another record-breaking year of apprentice recruitment. This, alongside the recent addition of two private client tax partners in Zoe Martin and Iona Martin, and 62 experienced hires in the past 12 months, with more to come.
Anna Averis, Partner and Chief People Officer added:
“Earlier this year, we were re-certified as a Great Place To Work® demonstrating our commitment to creating a rewarding and modern working environment for our people, and those who wish to join an ambitious firm like ours. Our latest apprentice intake coupled with our ambitious recruitment strategy, will see our headcount grow to well over 500 people this year – testament that our people strategy is working.”
Andrew Sandiford added:
“I am proud that the hard work and commitment of our people has positioned our business for further growth as we now eye our next £50m milestone this year.
And with that ambition and future expansion brings in scope all the investments in our working environment, technology, and recruitment decisions as we look confidently to the future of our business. I am genuinely excited for what next few years holds for us – watch this space.”